|08-26-2014, 02:29 PM||#1|
Wall Street edges higher, S&P 500 Points away from 2,000
The S&P 500 Index climbed to within throwing distance of 2000 just after the opening on Monday, buoyed by corporate deal news and on prospects of continued easy monetary policy.
Monday`s climb follows broad gains last week, as investors continued to embrace the Federal Reserve`s easy-money policies.
The S&P 500 rose for a third straight week, reaching an all-time high on Aug. 21, on bets the Federal Reserve will support the economy by keeping interest rates low even as the economy shows signs of gaining strength.
-The Dow Jones Industrial Average advanced 0.59% or 100.77 points to 17101.61
-The S&P 500 index gained 0.56% or 11.04 points to 1999.44
-The NASDAQ Composite Index climbed 0.60% or 26.97 points to 4565.57 . As of 10:10 a.m. ET
Global central bankers led by Fed Chair Janet Yellen said labor markets still have further to heal before their economies can weather higher interest rates.
Even when they signaled international monetary policies are set to diverge amid differing levels of recovery, officials meeting over the weekend in Jackson Hole, Wyoming, said increases in hiring and wages are still needed to drive demand.
On Friday, Fed Chairwoman Janet Yellen offered little indication that interest-rate hikes were imminent at an annual gathering of central bankers in Jackson Hole, Wyo. The S&P 500 gained 1.7% last week and pushed to its 28th record close Thursday.
Low interest rates and improving economic data have boosted the appeal of stocks this year, propelling the Dow and S&P to a series of record highs. Investors are growing increasingly attuned to how an eventual rise in short-term interest rates, which have been near zero since December 2008, will affect stocks.
Inspiration for Monday’s gains came from stronger European markets, with the Stoxx Europe 600 index up 0.7%. Dovish comments Friday evening from Draghi increased speculation that another easing move from the central bank is coming.
ECB policy makers “stand ready to adjust our policy stance further” and will use all available instruments to “ensure price stability over the medium term,” Draghi said on Aug. 22.
Data on business sentiment in Germany shows confidence continues to deteriorate as the economy loses steam. Many German firms have suffered as tensions escalate with Russia, a major trading partner.
Meanwhile, shares in the benchmark CAC 40 in Paris edged higher by more than 1% in early trading after reports that French Prime Minister Manuel Valls has presented President Francois Hollande with his government’s resignation. A new government will be announced on Tuesday.
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